Entire Section

  • IFR 3.5.3 IFR 3.5.3

    An Authorised Person must establish and maintain, for six years, records of:

    (a) its assessment of the competency of the Shari'a Supervisory Board members;
    (b) the agreed terms of engagement of each member of the Shari'a Supervisory Board; and
    (c) the matters in Rules IFR 3.5.1(c) and IFR 3.5.2.
    Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]

    • IFR 3.5.3 Guidance

      The records of the assessment of competency of Shari'a Supervisory Board members should clearly indicate; at least:

      a. the factors that have been taken into account when making the assessment of competency;
      b. the qualifications and experience of the Shari'a Supervisory Board members;
      c. the basis upon which the Authorised Person has deemed that the proposed Shari'a Supervisory Board member is suitable; and
      d. details of any other Shari'a Supervisory Boards of which the proposed Shari'a Supervisory Board member is, or has been, a member.
      Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]